Kylin Network is the newest oracle provider to join Equilibrium’s overall oracle system. Kylin is an oracle solution working on our system for enhanced price feed redundancy. This approach ensures that the price feeds that drive our interoperable money market are as accurate and reliable as possible.
This partnership sees Equilibrium integrate price feed data from Kylin as one more source for accurate, up-to-date price data for digital assets on our network. Diversity of price feeds is a key part of our strategy for making Equilibrium a true one-stop DeFi shop. As Kylin’s technology gains further reach into the DeFi universe, the two projects are positioned to become mutually beneficial anchor platforms within the developing Polkadot ecosystem.
Kylin Network is essentially the substrate for a decentralized and validated data economy on Polkadot. Companies, dApps, and projects of all sizes can use Kylin to monetize their data in really imaginative and innovative ways. Since they provide the price information that’s essential for a decentralized data economy, oracles like Kylin are at the cutting edge of DeFi.
“We’ve spent a lot of time thinking about what it takes to solve the Oracle Problem,” said Dylan Dewdney, CEO of Kylin Network. “That’s why we engineered our oracle solution to work seamlessly regardless of congestion or network fees. Our long-term vision is that we could eventually be moving any type of data that comes through an API.”
Equilibrium CEO Alex Melikhov echoed the positive sentiments: “DeFi projects like ours rely on accurate asset prices in order to manage user positions and maintain normal operations. In our case, we have to consider dynamic pricing models, facilitate risk management, trigger margin calls, and more. A diversified lineup of oracle providers guarantees a secure and redundant price feed.”
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